This is the first of a five-part series on the state of real estate in Metro Vancouver.
Back in 2016, Vancouver’s white-hot real estate market looked as if it would never cool down.
Three years later, industry experts say times have changed.
“Prices now are back to where they were around, say, mid-2015,” Brendon Ogmundson of the B.C. Real Estate Association said.
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A once boiling hot market appears to be lukewarm at best. Listings that would have once fuelled fierce bidding wars can be left lingering for months.
In some cases, asking prices have dropped dramatically below assessed values in a bid to attract buyers.
A home in Vancouver’s Southlands neighbourhood had a listing price of $5.29 million last year and is now available for $3.6 million. Another home on Vancouver’s west side was listed at $4.5 million and now lists for $3.9 million.